Académique Documents
Professionnel Documents
Culture Documents
Real estate sector is one of the largest contributors to the national GDP and provides
employment opportunity to large numbers of people. “Housing for All by 2022” envisions
that every citizen would have a house and the urban areas would be free of slums. There
are reports of slowdown in the sector and low off-take of under-construction houses which
needs to be addressed. To boost the residential segment of the real estate sector, following
recommendations were made by the GST Council in its 33rd meeting held today:
2. GST rate:
i. GST shall be levied at effective GST rate of 5% without ITC on residential
properties outside affordable segment;
ii. GST shall be levied at effective GST of 1% without ITC on affordable housing
properties.
3. Effective date: The new rate shall become applicable from 1st of April, 2019.
6. Details of the scheme shall be worked out by an officers committee and shall be
approved by the GST Council in a meeting to be called specifically for this purpose.
8. GST Council decided that the issue of tax rate on lottery needs further discussion in the
GoM constituted in this regard.
The decisions of the GST Council have been presented in this note in simple language for
easy understanding. The same would be given effect to through Gazette notifications/
circulars which alone shall have force of law.
*****
DSM/RM/KMN